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ARTICLE · 29 OCTOBER 2009

Reinsurance Regulation In Ireland

Dillon Eustace
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The European Communities (Reinsurance) Regulations 2006 (the “Reinsurance Regulations” or “Regulations”), which give effect to Directive 2005/68/EC (the “Directive”), came into effect on 15 July 2006.

IrelandInsurance
Dillon Eustace
Dillon Eustace
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A New Regime For Reinsurance Regulation In Ireland

The European Communities (Reinsurance) Regulations 2006 (the "Reinsurance Regulations" or "Regulations"), which give effect to Directive 2005/68/EC (the "Directive"), came into effect on 15 July 2006. The Reinsurance Regulations, under the supervision of the Irish Financial Regulator (the "Financial Regulator") establish a new regulatory framework for the authorisation and regulation of reinsurers and provide a separate regime for 'special purpose reinsurance vehicles' ("SPRVs") whilst imposing particular requirements for the carrying on of 'finite reinsurance'. Those familiar with the regulatory regime for nonlife insurers will find similarities in the approach taken with the Reinsurance Regulations as the latter are largely based on the non-life insurance regime.

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